PlasCred Names Nathan Diebold as VP of Construction & Operations to Propel Neos Facility Development

Diebold’s Robust Industrial Expertise Enhances Leadership Team

Nathan Diebold brings nearly 30 years of progressive roles in industrial construction, maintenance, and operations management. His career highlights include involvement in major projects at CNRL Horizon, Firebag, and Surmont sites, as well as large-scale pulp, paper, and wood product facilities across Canada. Starting as an apprentice electrician, Diebold advanced through senior leadership roles in construction and operations.

Most recently, he led the construction division of a prominent industrial contractor, overseeing operational performance, financial management, workforce development, safety standards, and industrial construction program execution. Diebold holds an MBA, completed Queen's Advanced Executive Program, and possesses numerous industry certifications. PlasCred underscores his strategic vision, business acumen, operational expertise, and dedication to continuous learning.

Neos Facility Progresses Toward Construction

The Neos facility, PlasCred’s flagship near-term project located at CN's Scotford Yard in Fort Saskatchewan, Alberta, is supported by a conditional long-term lease with CN. Designed to process up to 100 tonnes per day of mixed, hard-to-recycle plastic waste, Neos will produce approximately 500 barrels per day of refined hydrocarbon condensate.

Production is secured under a five-year fixed-price offtake agreement at CAD $120 per barrel with a global commodities firm. Feedstock supply is guaranteed through an agreement with Circular Materials, a not-for-profit Producer Responsibility Organization funded by leading consumer brands. Under this tolling arrangement, PlasCred is compensated for processing post-consumer plastic waste collected in Alberta, providing revenue visibility as the project advances.

Ongoing Engineering and Regulatory Efforts

PlasCred is conducting detailed engineering with Grey Owl Engineering Ltd. while simultaneously advancing regulatory approvals and financing initiatives necessary for final investment decision and construction readiness. Diebold’s appointment coincides with the company’s transition from engineering and planning to active construction management and operational preparation.

Troy Lupul, President and CEO of PlasCred, described the timing as strategic, stating, "Neos is moving from engineering into execution, and that transition demands disciplined leadership." He highlighted Diebold’s focus on safety, cost control, and operational readiness as critical for preparing Neos for construction and initial production.

Financial Structure Anchored by Offtake and Tolling Agreements

The Neos facility’s commercial framework includes multiple revenue streams and customer commitments. The fixed-price offtake agreement at CAD $120 per barrel over five years with a global commodities firm establishes a stable revenue base. Additionally, the tolling agreement with Circular Materials provides payments for processing post-consumer plastic waste collected in Alberta, creating a dual revenue model.

These contracts offer financial stability that supports capital investment decisions for the facility. The combination of fixed-price product offtake and feedstock processing revenue mitigates market uncertainties as PlasCred approaches final investment decision and construction start. The company has not disclosed total capital costs or construction timelines for Neos.

Diebold’s Vision Supports PlasCred’s Sustainability Goals

In his statement, Diebold expressed alignment with PlasCred’s sustainability mission, sharing that as a father, he takes "tremendous pride in the technology we are developing and the positive impact it can have for future generations." He described the opportunity to convert plastic waste into valuable resources while promoting sustainability as "both inspiring and deeply meaningful."

Diebold’s emphasis on the circular economy and innovation reflects PlasCred’s value proposition: transforming mixed plastic waste, typically difficult to recycle, into refined hydrocarbon condensate used in virgin plastic production, petrochemical feedstock, and upstream energy applications. This technology addresses waste management challenges while generating commercial value.

Future Expansion Plans Include Maximus Facility

Diebold’s role as Vice President, Construction & Operations extends beyond Neos to include preparation for the proposed Maximus facility. While details on Maximus’s location, capacity, timeline, or specifications remain undisclosed, its inclusion signals PlasCred’s intent for phased growth beyond Neos.

Appointing a senior leader experienced in managing large-scale industrial projects suggests PlasCred anticipates operating Neos while advancing design and planning for future facilities. This phased approach aligns with industry practices of validating proof-of-concept and operational performance before capital deployment on expansions.

Strategic Positioning in Advanced Plastics Recycling Market

PlasCred operates within the expanding advanced plastics recycling sector, focusing on mixed and hard-to-recycle plastic waste streams that conventional mechanical recycling cannot efficiently process. Its engineered, modular platform converts this waste into refined hydrocarbon condensate, which has established demand in virgin plastic manufacturing and petrochemical industries.

The company’s progress through development phases, coupled with feedstock agreements with Circular Materials—funded by leading consumer brands and responsible for post-consumer waste collection in Alberta—positions PlasCred within a structured regulatory and commercial ecosystem. This integration may provide competitive advantages over facilities lacking established feedstock partnerships.

Leadership Continuity and Operational Focus

Diebold’s appointment strengthens PlasCred’s management team under President and CEO Troy Lupul. Lupul regards Diebold’s addition as vital for executing the company’s operational transition, noting that "the team has already accomplished an incredible amount of work," establishing engineering, commercial, and regulatory foundations for Diebold to build upon.

Diebold’s responsibilities include construction planning, contractor coordination, commissioning, operational readiness, and transitioning from project development to operations. This broad mandate indicates a shift from prior management focus on engineering, commercial development, and regulatory strategy toward execution and operational phases, reflecting confidence in advancing Neos toward construction.

Forward-Looking Risks and Uncertainties

The announcement contains forward-looking statements highlighting risks that could impact PlasCred’s execution, including construction, commissioning, and startup challenges; potential cost overruns; supply chain disruptions; achieving and maintaining nameplate capacity; feedstock availability and pricing fluctuations; commodity price and currency exchange volatility; and counterparty performance risks under offtake, financing, or strategic agreements.

Additional risks include changes in laws, regulations, or extended producer responsibility (EPR) requirements; permit acquisition or retention difficulties; shifts in market demand for advanced recycling products; technology performance or reliability concerns; and broader economic, political, and capital market conditions. Readers are advised to consult PlasCred’s continuous disclosure filings on SEDAR+ for detailed risk factors. The immediate impact on the company’s share price was not evident from available public information.